1985-55 CRA - Laserfiche WebLink

Home Browse Search

. . . D. Mandatory Purchase. On each Reset Date, all Bonds then Outstanding shall be subject to mandatory purchase by the Fiscal Agent. Such mandatory purchase shall occur on any Reset Date at a purchase price equal to the principal amount of the Bonds plus accrued interest to the date of purchase. Notwithstanding the foregoing, Bonds shall not be purchased on a Reset Date if the Owner thereof has delivered to the Fiscal Agent and Remarketing Agent, least five days prior to the applicable Reset Date an irrevocable notice as described in subsection (C) above electing to have such Owner's Bonds not so purchased. Bonds to be purchased pursuant to such mandatory purchase shall be delivered by the Owners thereof to the Fiscal Agent (together with necessary assignments and endorsements) on or prior to the applicable Reset Date. Any Bonds to be purchased by the Remarketing Agent pursuant to this mandatory purchase that are not delivered for purchase on or prior to the purchase date (the "Untendered Bonds"), for which there has been irrevocably deposited in trust with the Fiscal Agent or the Remarketing Agent an amount sufficient to pay the principal amount of such Untendered Bonds, together with interest accrued or to accrue thereon to the Reset Date (the "Purchase Price"), shall be deemed to have been delivered for purchase to the Remarketing Agents, and the Owners of such Untendered Bonds shall not be entitled to any payment (including any interest to accrue on or after the applicable Reset Date) other than the respective Purchase Prices of such Untendered Bonds, and such Untendered Bonds shall not be entitled to any benefits of this Resolution, except for payment of such Purchase Price out of the moneys deposited for such payment as aforesaid, E. Alternate Credit Facility. On or prior to the fifteenth day prior to each Reset Date, the Agency shall file with the Fiscal Agent and the Remarketing Agent a commitment for an Alternate Credit Facility covering the payment of principal of and interest on the Bonds for the next Reset Period and, unless the Reset Period extends to the final maturity date on the Bonds, the payment of the Purchase Price of all Outstanding Bonds as provided for in Section 5D above. In the event the Reset Period extends to the final maturity of the Bonds, the Agency may elect not to provide an Alternate Credit Facility, in which case the Agency shall so notify the Remarketing Agent not later than ten (10) Business Days prior to the Reset Date. Section 6. Place of Payment. The principal of the Bonds and any premiums upon the redemption thereof prior to maturity, together with the final payment of interest thereon, shall be payable in lawful money of the United States of America and shall be payable at the corporate trust office of the Paying Agent in New York, New York or the Fiscal Agent in Los Angeles, California. Interest on the Bonds shall be paid to the registered owner thereof as his name appears on the register kept by the Fiscal Agent at the close of business on the Record Date, by check or draft of the Fiscal Agent. 12-02-85 9563p/2281/01 -12-